The Clinton administration, expressing concern about developments in international money markets, joined with other nations in a coordinated effort Wednesday to prop up the value of the dollar.

The administration confirmed the development in a brief statement from Treasury Secretary Lloyd Bentsen."The monetary authorities of the major countries are joining this morning in concerted intervention," Bentsen said. "These operations reflect our view that recent movements in exchange markets have gone beyond what is justified by economic fundamentals."

Currency traders in New York said that the Federal Reserve Bank of New York, which handles currency operations for the U.S. government, conducted three rounds of dollar buying in less than an hour this morning.

The actions by the U.S. central bank coincided with efforts by the central banks of Germany, France and other countries to buy dollars on foreign exchange markets in an effort to push up its value.

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In his statement, Bentsen said, "I am concerned by recent developments in the exchange markets. This administration sees no advantage in an undervalued currency."

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